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Composition of the average pensioner income. Countries with high dependence on the state system –Germany,France,Italy Countries with pronounced occupational plans – France,Switzerland, Netherland USA with the highest responsibility of the individuals Egypt: more than 600 company retirement schemes, more than 7 mio Workers are covered more than 25% of the workers Egypt: Ministery of health launched plan to reduce number of childs per household From 3 to 2 in 2002 (Axco) Read line is when fertility was below replacement rate (number where population is stable) Egypt: 66.7 for males 2000 and 67.9 for males 2003 Egypt: 4.8% in 2000 and 17.7% in 2050 (Axco) Egypt: actual 4% of GDP Pay-as-you-go is just one component (pillar) of the retirement provisions Shift towards funded components or to the individuals responsibility Egypt: company pension funds Life insurance business is growing Life insurers cover the following risks for the individual (depending on product type). Life insurers did a good job in covering the risks of individuals 4.55% of worldwide GDP or 1.85 trn US is spend for life insurance in 2004 Big differences per region depending on GDP per head and social security systems Egypt: GDP per capita 1088 US in 2004 213 mn US life premium in 2004 Penetration less than 0.3% The Allianz Group: Perfectly positioned around the world How the Group defines itself: Allianz is one of the leading global financial services provider with activities in insurance, banking and asset management Present in over 70 countries with numerous independently managed insurance companies – a multi-local company operating internationally About 182,000 employees around the globe, including about 87,400 (or approx. 48 percent) in Germany (as of: 2002) Competitive lead: Familiar with insurance and capital markets worldwide, international interchange of expertise Background Allianz first began operating abroad before the outbreak of World War I (it has bee